Samsung profit plummets on sagging smartphone sales
Weak demand for mobile phones and display panels pushed down Samsung's profits last quarter, and the company doesn't expect much improvement this year.
Revenue for the fourth quarter was 53.3 trillion won (US$45.5 billion), up just 1 percent from a year earlier, Samsung announced Thursday in Seoul. Net profit plummeted 40 percent to 3.2 trillion won.
A day earlier, Samsung's biggest rival, Apple, said it too was seeing weaker than expected demand for handsets. The Cupertino company reported iPhone sales that were almost flat and forecast its first quarterly revenue drop since 2003.
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